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Joseph Flannery is borrowing $ 15,000 from his brother Tim in order to have enough for the down payment on his new house. They have agreed that the $15,000 will bear an interest rate of 12% with a flat semi-annual payment of $1,000 plus earned interest. How much will Joseph's first payment to Tim be?

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Joseph Flannery is borrowing $ 15,000 from his brother Tim in order to have enough for the down payment on his new house. They have agreed that the $15,000 will bear an interest rate of 12% with a flat semi-annual payment of $1,000 plus earned interest. How much will Joseph's first payment to Tim be?






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